A new study reported by Morningstar revealed an interesting insight: credit union members are more likely to purchase ancillary insurance protections (such as coverage for vehicles, appliances, and electronics) than non-members.1
While this may seem like a simple data point, it reflects something far more powerful: trust drives action. And in today’s uncertain economy, trust is one of the most valuable currencies a credit union can hold.
At a time when misinformation is rampant and financial decisions feel more complex than ever, credit unions are uniquely positioned to serve as a beacon of reliability. The question now is: how can you build on that trust to deliver even more value?
The answer is both simple and strategic: financial wellness education.
What the Data Says About Trust and Protection
According to the study, credit union members are more inclined to add protection products to their purchases compared to customers of other financial institutions. These products include coverage for auto repairs, home systems, and personal electronics – services that require not only an investment but faith in the provider’s integrity.
Why are members more comfortable making that leap with credit unions? Because credit unions have always focused on relationships over transactions. Members view their credit union as a partner, not a product pusher. That’s why they’re more likely to say yes to added protections when given the option.
Most members believe you have their best interests in mind. This opens the door to a broader opportunity: using that same foundation of trust to guide members toward stronger, more holistic financial behaviors.
From Protection Products to Holistic Financial Wellness
Ancillary insurance products serve an important role, but they only address a piece of the puzzle. For many members, the real challenge isn’t just protecting their purchases but managing their entire financial lives with confidence.
That’s where financial wellness education comes in.
By providing digital, unbiased, and accessible resources (like those offered through the Enrich platform) credit unions can expand their role from financial provider to financial partner. This means empowering members with tools to:
- Budget and plan for large purchases
- Understand debt, credit, and long-term financial risks
- Navigate inflation and market volatility
- Make informed choices about insurance and other protection products
- Reduce stress and improve overall financial confidence
These aren’t just feel-good initiatives – they’re strategies that increase retention, deepen loyalty, and support stronger financial outcomes across your membership base.
Financial Wellness Builds Loyalty and Growth
Members who feel financially confident are more likely to:
- Use more products and services
- Stay loyal during economic uncertainty
- Refer others to your institution
- Make responsible borrowing and investment decisions
In fact, internal Enrich data shows that members who engage with financial education tools are significantly more likely to open new accounts, increase savings, and contribute to retirement plans.
When paired with protection products and guided education, this becomes a complete member experience rooted in transparency, empowerment, and long-term value.
A Path Forward for Credit Unions
The Morningstar findings confirm what many credit unions already know: your members trust you. But that trust isn’t static, it’s an invitation.
By expanding your offerings to include personalized, measurable financial education, you can help your members not only protect their purchases– but also protect their financial future.
With tools like Enrich, you can:
- Deliver on your mission to improve members’ lives
- Stand out from larger institutions and digital-first competitors
- Strengthen financial resilience in your communities
- Build member loyalty through education, not just promotion
Want to see how financial wellness education can deepen trust and drive measurable business outcomes for your credit union? Schedule a call with the Enrich team.
- Morningstar. “Credit Union Members Are More Likely to Have Ancillary Insurance Protections for Their Prized Purchases, Study Finds.”
